Legal & General Investment Manage recently announced the acquisition of new stake in Arqit Quantum Inc. (NASDAQ:ARQQ). The institutional investor has increased its shareholding in the Technology company by 1,228.52% to 0.31 million shares with purchase of 0.29 million shares. This fresh investment now brings its stake to 0.24% valued currently at $0.36 million. In addition, ETF Managers Group LLC raised its holdings by 0.29 million to 0.29 million shares.
With over 2.27 million Arqit Quantum Inc. (ARQQ) shares trading Monday and a closing price of $1.06 on the day, the dollar volume was approximately $2.4 million. The shares have shown a negative half year performance of -86.13% and its price on 05/22/23 gained nearly 18.63%. Currently, there are 134.00M common shares owned by the public and among those 24.40M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for ARQQ have a consensus price objective of $3.58. The analysts have set the share’s price value over the next 12 months at a high of $6.00 and a low of $1.15. The average price target is 85.64% above its recent price level and an upside to the estimated low will see the stock gain 7.83% over that period. But an upside of 82.33% will see the stock hit the forecast high price target while median target price for the stock is $3.58.
The top 3 mutual fund holders in Arqit Quantum Inc. are Global X Cyber Security ETF, ISE Cyber Security ETF, and Echiquier Space Fund. Global X Cyber Security ETF owns 3.34 million shares of the company’s stock, all valued at over $3.77 million. The company bought an additional 0.1 million shares recently to bring their total holdings to about 2.49% of the shares outstanding. ISE Cyber Security ETF sold 952.0 shares to see its total holdings shrink to 0.28 million shares valued at over $0.32 million and representing 0.21% of the shares outstanding. Echiquier Space Fund bought 0.22 million shares to bring its total holdings to over 0.22 million shares at a value of $0.24 million. Echiquier Space Fund now owns shares totaling to 0.16% of the shares outstanding.
Shares of Arqit Quantum Inc. (NASDAQ: ARQQ) opened at $0.9088, up $0.02 from a prior closing price of $0.89. However, the script later moved the day high at 1.1200, up 18.63%. The company’s stock has a 5-day price change of -1.85% and -24.29% over the past three months. ARQQ shares are trading -70.64% year to date (YTD), with the 12-month market performance down to -85.01% lower. It has a 12-month low price of $0.70 and touched a high of $10.67 over the same period. ARQQ has an average intraday trading volume of 1.33 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.16%, -5.55%, and -72.99% respectively.
Institutional ownership of Arqit Quantum Inc. (NASDAQ: ARQQ) shares accounts for 3.30% of the company’s 134.00M shares outstanding. Mutual fund holders own 2.35%, while other institutional holders and individual stakeholders account for 3.24% and — respectively.
It has a market capitalization of $116.57M. The stock’s trailing 12-month PE ratio is 1.99, while the earnings-per-share (ttm) stands at $0.53. Price movements for the stock have been influenced by the stock’s volatility, which stands at 22.95% over the week and 12.01% over the month.
Analysts forecast that Arqit Quantum Inc. (ARQQ) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and $0.07 for 2023. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Earnings per share for the fiscal year are expected to increase by 121.60%, and -73.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Arqit Quantum Inc. (ARQQ) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 1 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
